Far from it. The recent XLibre release[1] has a long list of bugfixes and new features.
Besides, isn't the main complaint from the Wayland folks that X11 is insecure and broken? That means there's still a lot of work to be done. They just refuse to do it.
To be fair, X11 has worked great for me for the past ~20 years, but there are obvious improvements that can be made.
[1]: https://github.com/X11Libre/xserver/releases/tag/xlibre-xser...